1) US business fashion is increasingly casual. Ties, skirts, suits, coordinated outfits, scarves, leather soled shoes -- all are passe, even in button down East Coast Fortune 100 companies (other than for aspiring managers or those in banking/finance).
2) Color is passe. Shades of black and grey dominate wardrobes, especially in large cities. Thus fewer accessories are needed, since all shades of gray look OK with all sheens of black.
3) More people are working from home several days a week, so nobody cares how you're dressed. I'm astonished at how fast this has changed here (outside Philly). Probably 2/3 our cubes are empty on most days. Five years ago, they were full, because upper management insisted we be physically present and that we follow a dress code (no jeans). But now that management is no longer physically co-located with staff, and almost all meetings are online, nobody cares where you are or what you wear.